Use the information below to answer questions . On January 1/2005, a machine was bought...

JAMB 2006

Use the information below to answer questions .

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.

Calculate the yearly depreciation expense using the straight line method.

A. N11 000
B. N11 200
C. N11 400
D. N11 300

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Correct Answer: Option A

Explanation

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